Printer Friendly

HORIZON OUTLET CENTERS, INC. ANNOUNCES INITIAL PUBLIC OFFERING OF STOCK

 MUSKEGON, Mich., Nov. 16 /PRNewswire/ -- Horizon Outlet Centers, Inc. (NYSE: HGI) today announced the closing for the public offering and sale of 8,400,000 shares of its common stock at $24.00 per share, all of which were sold by Horizon. The managing underwriters of the offering are Smith Barney Shearson Inc., Bear, Stearns & Company Inc., Prudential Securities Incorporated and McDonald & Company Securities, Inc. In addition, the underwriters have the right under an over-allotment option granted by the company to purchase an additional 1,260,000 shares of common stock.
 Net proceeds to the company from the offering are expected to be approximately $184.4 million, which the company intends to use to repay certain indebtedness, acquire a factory outlet center, pay for a portion of the consideration for the transfer of certain other properties, pay the construction costs of certain factory outlet centers and for working capital.
 Horizon Outlet Centers, Inc., led by Chairman Jeffrey A. Kerr, is the largest developer, owner and operator of factory outlet centers in the Midwest and is among the largest in the United States, based on total gross leasable area. Horizon owns and operates 10 factory outlet centers containing an aggregate of approximately 1.7 million square feet of gross leasable area located in five states.
 Horizon Outlet Centers, Inc. operates in Birch Run, Port Huron, Monroe, Traverse City and Holland, Mich.; Edinburgh and Michigan City, Ind.; Woodbury, Minn.; Oshkosh, Wis.; Gilroy, Calif.; and manages Denton, Tex.
 Corporate headquarters for Horizon Outlet Centers, Inc. are located at 1050 West Western, Muskegon.
 -0- 11/16/93
 /CONTACT: Marianne Napoli or Gary Geisler of Horizon Outlet Centers, Inc., 616-728-5170/
 (HGI)


CO: Horizon Outlet Centers, Inc. ST: Michigan IN: REA SU: OFR

SM -- DE041 -- 4235 11/16/93 17:06 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 16, 1993
Words:296
Previous Article:ORGANIZATIONAL CHANGES AT BOSCH
Next Article:RALPH J. GERSON ELECTED CHAIRMAN AT OIS OPTICAL IMAGING SYSTEMS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters